6-8B-60. Form of covenants or pledges.
In a resolution setting forth the findings and determinations required by §§6-8B-56 to 6-8B-59, inclusive, a governing body may authorize the issuance of a credit enhancement obligation which may be in the form of one or more of the following covenants or pledges:
(1)The governing body may covenant that if at any time the revenues and other sums pledged to pay debt service with respect to the bonds or other obligations to be secured by the credit enhancement obligation are for any reason insufficient for such purpose, the governing body shall levy a general ad valorem tax on all taxable property within the jurisdiction of the municipality or county which issues such credit enhancement obligation for the payment of any such deficiency;
(2)The governing body may covenant that if at any time the revenues and other sums pledged to pay debt service with respect to the bonds or other obligations to be secured by the credit enhancement obligation are for any reason insufficient for such purpose, the governing body shall levy a non-ad valorem sales tax pursuant to chapter 10-52 or any successor statute and pledge all or a portion of the amounts collected therefrom for the payment of any such deficiency or, if such non-ad valorem sales tax has been or will already be so levied, the governing body shall pledge all or a portion of the amounts collected therefrom for the payment of any such deficiency; or
(3)The governing body may covenant that if any time the revenues and other sums pledged to pay such debt service with respect to the bonds or other obligations to be secured by the credit enhancement obligation are for any reason insufficient for such purpose, the governing body shall collect and apply any other identified source of revenues now or hereafter available to the municipality or county which issues such credit enhancement obligation for the payment of any such deficiency.
Source: SL 1992, ch 3, §9.
Structure South Dakota Codified Laws
Title 6 - Local Government Generally
Chapter 08B - Bonds of Local Public Bodies
Section 6-8B-2 - Election required for issuance.
Section 6-8B-3 - Resolution or ordinance declaring necessity of bond issue--Contents--Election.
Section 6-8B-4 - Notice of election.
Section 6-8B-7 - School, street, or utility improvements--Authorization of bonds.
Section 6-8B-8 - Issuance of bonds on approval by voters.
Section 6-8B-9 - Issuance, form, and terms of bonds.
Section 6-8B-10 - Public or private sale--Notice and procedure for public sale.
Section 6-8B-11 - Single issue of bonds separately approved.
Section 6-8B-12 - Interest rate.
Section 6-8B-13 - Disposition of proceeds.
Section 6-8B-14 - Negotiable investment security status.
Section 6-8B-15 - Powers as issuer of negotiable investment securities.
Section 6-8B-17 - Authentication of bonds--Signatures--Seal.
Section 6-8B-18 - Registration books--Disclosure of information.
Section 6-8B-19 - Information filed with secretary of state by issuer.
Section 6-8B-20 - Costs of issuance and sale.
Section 6-8B-21 - Signature by resident attorney.
Section 6-8B-22 - Invalidity of bonds without attorney's signature.
Section 6-8B-23 - Notice of redemption.
Section 6-8B-24 - Replacement of lost, stolen, or destroyed bonds.
Section 6-8B-25 - Tax exemption.
Section 6-8B-26 - Anticipation notes--When issuance authorized.
Section 6-8B-27 - Anticipation notes--Amount--Term.
Section 6-8B-28 - Anticipation notes--Payment--Issuance of bonds required--Exchange--Redemption.
Section 6-8B-29 - Anticipation notes--Bond provisions applicable.
Section 6-8B-30 - Refunding bonds without election--Purposes.
Section 6-8B-33 - Approvals required for refunding bonds of issuer divided into other public bodies.
Section 6-8B-34 - Refunding after detachment of land from issuer.
Section 6-8B-35 - Maximum amount of refunding bonds.
Section 6-8B-36 - Maximum aggregate indebtedness of issuer.
Section 6-8B-37 - Bonds not included in computation of aggregate indebtedness.
Section 6-8B-39 - Bonds payable from different sources--Refunding by single issue prohibited.
Section 6-8B-41 - Combinations subject to more than one debt limit prohibited.
Section 6-8B-42 - Issuance and sale of refunding bonds.
Section 6-8B-43 - Conclusiveness of determination that limitations have been met.
Section 6-8B-44 - Recital of authority for issuance--Incontestability after delivery for value.
Section 6-8B-45 - Exchange or sale.
Section 6-8B-46 - Disposition of proceeds of sale--Escrow.
Section 6-8B-47 - Escrow including other funds.
Section 6-8B-49 - Purchaser not responsible for application of proceeds.
Section 6-8B-50 - Disposition of accrued interest and premiums received on sale.
Section 6-8B-51 - Outstanding bonds unaffected.
Section 6-8B-52 - Chapter of full authority--Additional to other laws.
Section 6-8B-54 - Securities purchased for debt service fund limited.
Section 6-8B-55 - Definition of terms.
Section 6-8B-56 - Issuance of credit enhancement obligation--Conditions.
Section 6-8B-57 - Debt service reserve fund or credit facility.
Section 6-8B-60 - Form of covenants or pledges.
Section 6-8B-62 - Credit enhancement obligations irrepealable until fully paid.
Section 6-8B-63 - Determination by governing body on limitations conclusive absent fraud or abuse.
Section 6-8B-64 - Ad valorem taxes--Limit.
Section 6-8B-66 - Aggregate indebtedness of municipality or county--Limit--Calculation.
Section 6-8B-67 - Tax or revenue anticipation notes--Limit.
Section 6-8B-68 - Obligation subject to provisions of §§ 6-8B-9 to 6-8B-22, inclusive.
Section 6-8B-69 - Exemption from registration under chapter 47-31B.